Nifty 8002 /Sensex 25961/ Bank Nifty 18549
43 Advances /08 Declines/ 0 Unchanged
“Sensex snaps 6-day fall, up 196pts; Nifty above 8K, Midcap soars”
Short covering and positive global cues helped the BSE Sensex snap six-day losing streak and the Nifty close above 8000 level on Tuesday after volatility. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising more than 1.1 percent.
The 30-share BSE Sensex was up 195.64 points at 25960.78 and the 50-share NSE Nifty climbed 73.20 points to 8002.30. The market breadth also turned positive as about 1475 shares advanced against 1083 declining shares on the BSE.
Investors continued to avoid pumping in fresh money into markets due to demonetization concerns and strengthening dollar. They maintained cautious stance ahead of Federal Reserve's policy meeting in next month.
"Traders would be expecting more short covering by FIIs who had built up heavily on the short side since the US elections," Anand James of Geojit BNP Paribas Financial Services said. FIIs net sold more than Rs 16,000 crore worth of shares (till November 21) since October.
Given the near term uncertainty on how liquidity will flow into the system, Anish Damania of IDFC cut Nifty target tactically to 8100.
Damania said demonetisation is expected to be positive for inflation, bond yields and rupee, but it would have a negative impact on GDP and money supply.
“Oil prices hit highest since Oct on hopes of OPEC output deal”
Oil prices rose on Tuesday to their highest this month as a growing consensus emerged in the market that OPEC would overcome internal disputes and scepticism to strike a deal that materially reduces crude output.
But some warned a failure by the Organization of the Petroleum Exporting Countries to reach agreement at a Nov. 30 meeting, or effectively implement it, would send prices crashing as a two-year glut of crude remained unabated.
rent crude oil futures were up 85 cents a barrel at $49.75 by 1000 GMT (5:00 a.m. ET), having earlier risen $1 in a push against the $50 mark for the first time since the end of October.
U.S. West Texas Intermediate (WTI) crude futures were up 68 cents, or 1.4 percent, at $48.92 a barrel.
Key Results Today:
Aries Agro
Bannariamman
Bimetal Bearing
Lloyd Electric
PC Jeweller
Siemens
Solar Ind
RESULT ANALYSIS & POLL:
IMPORTANT RESULT:SIEMENS
-TECHNICAL
LEVELS :SIEMENS
CMP 1074 SIEMENS has immediate support at 1050 and immediate resistance at 1090
Break and sustain below 1050 will make it positionally weak again else it could test it's resistance.
Above 1090 if level is positively breach and sustain then next resistance seen around 1120—1135.
Now what next??
*Nifty and Bank Nifty future levels
Nifty has immediate support at 7900 and resistance is at 8050
Looks positive and could test it's resistance. Sustain above 8050 will see further upside rally till 8130—8180 mark
Fresh selling can initiate only close below 7900 mark.
On the other hand, Bank Nifty has immediate resistance at 18700 .A move and sustain above 18700 will take bank nifty to 19000—19250 and then to 19400.
Otherwise it can test its support of 18350---18200 again. Further downside panic will see only close below 18200 mark.
Trade with levels only. More will update during market hours.
Top Pick of the day
We will update Top Pick of the day during market hours on our Blog and Android App. So keep watching this space.
More will update soon!!
